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Transcript of Liberty Insurance Co.
8/7/2019 Liberty Insurance Co.
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INTERNATIONAL ISLAMIC UNIVERSITY
CHITTAGONG
Report on the introduction of Liberty Insurance Company as on
29-06-2010
Prepared by,
Name Ma
Mehboob Ul Haque B073312
Md Sirajul Mostafa B073080
Misbah Ibn Hakim B073095Md Sazzad Hossain B063017
Md Raihan Pervez B071029
Shaibal Dutta B073065
Md Abdulla Al-Mamun B063315
Prepared for,
Mr. Kazi Golam Azam
Lecturer DBA, IIUC
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Liberty Insurance Company is built on the notion that a life insurance company
should last forever. The company will focus on cultivating an enduring legacy of
trust as well as a reputation for consistently delivering on our commitments –
protecting individuals and families against financial risk, maintaining the keen
focus on the long – term interest of our policy holders, and ensuring our company
continues financial strength.
We are different to others. Financial security is our business so we are prudent, but we’re also continuously creative in giving customers what they need. We are
entrepreneurial in the way we bring what we do to new markets, and continue to
invest confidently in the highest quality products and services.
The company was incorporated on 24th July, 2009, was licensed on 13th
December, 2009 and commenced business on 9th January, 2010. Today, Liberty
Life Insurance Company, with its head office in Chittagong operates whole over
Bangladesh. Liberty Life insurance Company’s primary method of distribution
around the country is the agency network. Liberty’s agency offices servicing
centers and affiliates market a board range of life insurance product through anetwork of some agents. We emphasize on professional skill development
through continuous education and field training.
Liberty’s policy of developing local talent to resource its operations will greatly
contribute to its success in understanding, meeting and responding to changing
customer needs and market conditions. We are primarily staffed with local
personnel who are constantly studying the needs of individuals and developing
innovative products to the specific requirements of customers. This long standing
approach is the foundation of our leadership, because we understand local marketneeds and conditions.
Our Vision
To be a leader and role model in a broad based and integrated financial based
service.
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Our Mission
To help people mitigate risks of life, accident, health and money at all stages and
under all circumstances and to enhance the financial future of our customer
including enterprise.
Our Goal
- Create best value for customers, shareholders and stakeholders.
- Achieve impeccable reputation and credentials through best
business practices.
Address Head Office: House no 214(5th floor),
Chatteswari Road, Chawk Bazar,
Chittagong, Bangladesh
Phone: 031-230548
E-mail: [email protected]
Company Registration Date 24th July, 2009
License Date 13th December, 2009
Registered Office House no 214(5th floor), Chatteswari
Road, Chawk Bazar, Chittagong,
Bangladesh
Number of Directors 13 members
Board of Directors
1. Mr. Md. Saiful Islam, Chairman
2. Mr. Md Younus, Vice-Chairman
3. Mr. Amir ul Haque
4. Mr. Sirajul Mostafa
5. Mr. Meraj Ahmed
6. Mr. Raihan Pervez
7. Mr. Tarique Ansari
8. Mr. Mohammad Sahaban
9. Mr. Shaibal Dutta10. Mr. Mehboob Ul Haque
11. Mr. Misbah Ibn Hakim
12. Mr. Sajjad Haider
13. Mr. Akbar Ali
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Management
Managing Director
Md. Abul Bashar
Deputy Managing Director
Md. Zakir Hussain
Senior General Manager
Md. Abul Hussain
Board of Directors
Chairman
Directors
General manager(Admin)
Saiful Chowdhury
General manager(Account)
Ariful Islam
Senior manager
Enamul Haque
Senior manager
Javed Ali
Manager
Md Rafique
Manager
Zakir Ahmed
Manager
Sarfaraz Ahmed
General manager(IT)
Zahid Haque
Senior manager
Md Alam
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- This EPP Plus plan also provides a personal accident coverage that
ensures the financial future of your loved ones in case of your
death, disability or injury due to accident
ii. Lifetime Pension Plan:
- Offers you a combination of savings and protection- You can choose a plan that has a payment term ranging between 10
and 20 years
- Facility to withdraw the face amount along with any accumulated
bonuses any time after the end of the premium payment period
- You can start receiving the pension payment, 1 year after the
completion of the premium payment period
- In the unfortunate event of your death, our loved ones will receive
the full face amount plus accrued bonuses.
- This plan also provides a personal accident coverage that ensures
the financial future of your loved ones in case of your death,
disability or injury due to accident
3. Accident and Health:
i. Critical Care :
- Critical Care will provide you with lump sum payment of up to
BDT 500,000 which is payable upon diagnosis and receipt of proof
for one critical illness only.
- Critical Care supplements your life insurance protection
- We offer several plans and you can select the plan of your choice
for you
- The critical illness lump sum payment will be made only once if
you are diagnosed and proved with any of the 25 illnesses listed.
- There is no deductible amount
List of covered illnesses
1. Stroke
2. Cancer (Except Skin Cancer)
3. First Heart Attack
4. Coronary Artery Surgery
5. Other Serious Coronary Artery Diseases
6. Heart Valve Replacement
7. Major Burns
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8. Blindness
9. Pulmonary Arterial Hypertension (Primary)
10. End-stage Lung Disease
11. Kidney Failure
12. Surgery To Aorta13. Aplastic Anaemia
14. Major Organ Transplant
15. Loss Of Hearing
16. Loss Of Speech
17. Muscular Dystrophy
18. Alzheimer’s Disease / Irreversible Organic Degenerative Brain Disorders
19. Motor Neurone Disease
20. Parkinson’s Disease
21. Coma
22. Benign Brain Tumour
23. Major Head Trauma
24. Bacterial Meningitis
25. Paralysis
ii. Hospital Care:
- The Hospital Care supplements your life insurance protection
- These benefits are payable in addition to any other insurance plan
that you may have.- You can select the plan that best suits your needs and the needs of
your family from the range we offer.
- The Daily Cash income continues for up to 52 weeks from the very
first day of hospitalization.
- The Cash Income is paid directly to you, to use any way you wish.
- The Cash income is payable regardless of expenses, even if you are
confident in a free hospital.
- There is no deductible amount or waiting period
iii. Lifetime Income Policy:
- This is a dedicated accident insurance product specially tailored for
the Bangladesh market where the rate of road traffic accident is
one of the highest in the world.
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- It offers cover for accidental loss of life, permanent partial
disability due to accident, and permanent total disability due to
accident
- Several units are available under this policy and you can pick the
number of units that suits you the most- No health questionnaire or medical examination required
- This plan provide you with 24 hour, 365 days a year worldwide
coverage
- 20% of the Premium paid will be refunded as a 'No Claim Bonus'
after 3 years, provided that no claim has been made
iv. My Child Special:
- One single policy that covers both parent and the child
- The plan covers hospitalisation due to accident and sickness andoffers reimbursements for both in-patient and out-patient medical
expenses due to an accident
- Accident Medical Expense Reimbursement up to Tk. 40,000 per
accident and there is no limit to the number of accident claims in a
year
- Sickness & Accident In-Hospital Daily Cash up to Tk. 2,000 per
day and Tk. 730, 000 per year
- Catastrophic Disability Cash Benefit up to Tk. 7,000 per month up
to 240 months- Dismemberment, Loss of Sight and Hearing Indemnity up to Tk.
300,000
- 20% of the premium paid will be refunded as a 'No Claim Bonus'
after 3 or 5 years, provided that no claim has been made
Area Offices
The Company is seeking to increase its branches all over Bangladesh. With
its headquarter in Chittagong, the company have branches in several other
districts. The area offices are listed below:
1. Dhaka Area
- Dhaka Servicing Centre
- Malibagh Servicing Centre
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- Gazipur Servicing Centre
- Gangni Servicing Centre
2. `Comilla Area
- Comilla Servicing Centre
- Muradnagar Servicing Centre
- Chandpur Servicing Centre
- Kuti-Chowmohoni Servicing Centre
- Brahaman Baria Servicing Centre
- Shamgram Servicing Centre- Chowddagram Servicing Cntre
- Narsingdi Servicing Centre
3. Sylhet Area
- Sylhet Serving Centre
- Sunamgonj Serving Centre
- Chhatak Serving Centre
- Moulvibazar Serving Centre
- Hobigonj Serving Centre
4. Chittagong Area
- Chittagong Serving Centre
- Jorargonj Serving Centre
- Sitakunda Serving Centre
- Khagrachari Serving Centre
- Rangamati Serving Centre
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5. Feni Area
- Feni Servicing Centre
- Laxmipur Servicing Centre
- Maijdi Servicing Centre
- Chatkhil Servicing Centre
- Chhagalnaiya Servicing Centre
6. khulna Area
- Khulna Servicing Centre
- Paikgasa Servicing Centre- Shamnagar Servicing Centre
Business Continuity Plan
Liberty Life Insurance is one of the few Bangladeshi companies to have a
fully operational Business Continuity Plan (BCP) to ensure minimal impact
to the organisation, its people, and most importantly, its customers. Our
Business Continuity Planning (BCP) Program is a response plan whichwould ensure that in the event of a disaster we would be able to restore and
recover operations for critical processes within a predetermined time after
the disaster.
To have a planned response in the event of any contingency ensuring
recovery of critical activities at agreed levels within agreed timeframe
thereby complying with various regulatory requirements and minimizing
the potential business impact to BSLI. Additionally to create a system that
fosters continuous improvement of business continuity management.
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Promotion And Advertisement
Different media are used as a medium for promotion on the company.
Advertisements are provided in the daily newspapers, internet and television.
We create interest in people about our company by making them understand
the importance of insurance. Our customer service is excellent. Many parttime workers are working as an agent for the company who explain our
policies to the customers in return of which they receive some package of
benefits from the organization.
Projected Financial Statements
1. Projected Income statement for yr 2010, 2011, 2012For the Year ended dec 31(in thousands) 2010 2011 2012
Reveneus
Premium, Annuity Considerations, & fund Deposits Net Investment Income
Other Income
Tk. 59251551
217
Tk. 59261467
79
Tk. 60121890
110
Total Revenue
Benefits & Expenses
Benefit Payments to Policy Holders And Beneficiaries Net Additions to policy Benefit Reserve
Commisions And Operating Expenses
7693
37121332
1750
7472
37581329
1401
8012
38991600
1500
Total benefits And expenses
Gain from Operations Before Tax & DividendsPolicy holders Dividends
6794
899708
6488
984714
6999
1013756
Gain from Operations Before Taxes
Income Tax expense/ Benifits
191
(67)
270
42
257
39
Net gains From Operations 124 312 296
Net realized capital gain/ loss, after tax (96) 125 110
Net Income 28 437 406
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2. Projected Balance SheetAs of Dec 31(in thousand) 2010 2011 2012
Admitted Assets
BondsUnaffiliated Common and Preferred Stock
Investment in AffiliatesMortgage loansReal Estate
Policy Loans
Other Investment Assets
Receivables For SecuritiesCash And Short-term Investments
Tk. 20025867
9023339189
2483
9896
202
Tk. 17492722
8523475168
2301
81065
1000
Tk. 20000900
9503333175
2000
90045
560
Total Invested Assets
Due And Accrued investment income
Current federal income tax recoverable & interest
thereon
Premium deferred & uncollected Net Deferred Tax Asset
Other Assets
29002315
18
871520
169
26885268
209
873520
218
28863300
100
900500
250
Total Admitted Assets 30895 28973 30913
Liabilities And Surplus
Reserve for Policy Benefits
Policyholders Dividend Payable
Interest Maintenance ReserveAsset valuation Reserve
Amount due to Brokers and other Liabilities
23477
1834
79371
946
22147
1882
75231
979
23400
1888
80250
950
Total liabilities
Surplus
26707
4188
25314
3659
26568
4345Total liabilities and surplus 30895 28973 30913
Conclusion
Liberty Insurance Company is a growing insurance company. Our policies
and techniques are best for the customers and the stakeholders. We have a
fully operational Business Continuity Plan (BCP) to ensure minimal impact
to the organization, its people, and most importantly, its customers. The
products provided are designed in such a way that it covers all kind of financial risk that a individual or a family may face.